NIFTY TODAY
Thursday
rangebound trading session has ended on bullish note tracking tepid Asian
cues & ahead of December quarter results from market heavyweights -
Reliance Industries and Hindustan Unilever . The Sensex ended
at 36374, up 53 points, while the broader Nifty settled at 10905, up 15 points.
NIFTY TOMORROW
Despite the rangebound movement, Nifty has again managed to close above 10900
which indicate that the triangle breakout is still intact and Nifty has a
potential to sneak above 10950 mark. However, we also maintain our stance that 11000
still remains a very strong hurdle for the bulls. Thus we would advise traders
to start booking profits once index arrives near that zone. As of now, the
support of 10800 has now been shifted to 10850. Only a move below the same
might dwell the ongoing momentum. For the coming sessions, 10960 and 10990
would remain an intermediate resistance & support respectively for the
markets.
Currently, we advise traders to trade with a positive bias but avoid
any overleveraged positions and follow strict stop loss. Nifty is trading
range-bound in between 10750 to 10925. Any movement above 10,925 can be an
indicator of the Bull Run at the Indian indices or below 10750 levels a run for
the bear. However, I will bet on the same range movement of the Indian markets
till elections are over. Much will depend upon the Indian Lok Sabha results.
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Resistance: 10950, 11000
Support: 10850, 10800
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